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In their own words
"OAuth is an open source project being developed by small group of dedicated individuals.
In developing OAuth, we sought to invent as little as possible, following the Microformats approach to pave existing cowpaths and relying on conventions already established in protocols like Google's AuthSub, AOL's OpenAuth, Yahoo's BBAuth and FlickrAuth and Facebook's FacebookAuth."
Why it might be a killer
OAuth gives developers a means to publish and interact with secured data that's safer and more secure. For those working with mashups, web apps, and the like, OAuth allows you to give your users access to their data while keeping their account safe. It's that simple.
Some questions
Will web developers adopt OAuth? With all the other major auth protocols out there, how is OAuth going to get its foot into the door?
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